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dc.contributor.author
Fotiadou, Ioanna
en
dc.date.accessioned
2015-04-08T13:46:15Z
dc.date.available
2015-09-27T05:58:35Z
dc.date.issued
2015-04-08
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/76
dc.rights
Default License
dc.title
Long-run IPOs performance : the case of Germany, UK and France
en
heal.type
masterThesis
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2012-10
heal.bibliographicCitation
Fotiadou Ioanna, Long-run IPOs performance : the case of Germany, UK and France, International Hellenic University, 2012
en
heal.abstract
The objective of this dissertation study is to examine whether German, United Kingdom and France markets show long-run performance of Initial Public Offering (IPO) or not, and what are the factors influence companies’ long-run performance after their listing. For this purpose buy-and-hold abnormal returns (BHAR) method is computed for 485 firms that were listed during the period 2006-2009. The empirical results differ from international evidence for underperformance and reveal a strong positive performance that continues for a substantial interval after first listing. Later on, a multivariable regression is performed in order to check which factors influence firms’ abnormal returns. The BHARs are used as independent variables, while the dependent variables are the following: 1) the company size, 2) the issue size, 3) the leverage and finally 4) the time lag. The results show that only two variables influence the long-run returns which are the number of shares issued (issue size) and the current market capital (company size). However the other variables (leverage and time lag) do not influence the long-run performance in the three countries. Finally the above results are tested for their significance by simple t-statistic tests.
en
heal.tableOfContents
1. Introduction ................................................................................................................... 4 2. Terminology and Definitions in the IPOs Literature ......................................................... 6 2.1 What is an IPO, the procedure and the reasons for going Public ...................................... 6 2.2 Costs of going Public .................................................................................................... 7 3. Long-run performance Evaluation ...................................................................................... 9 4. Review of Literature ......................................................................................................... 11 4.1 Some previous studies ................................................................................................. 11 4.2 Influencing Factors according to the Literature ............................................................ 15 5. Objectives of the study and data sources ............................................................................ 17 5.1 Sample of data ............................................................................................................ 17 5.2 Theoretical Framework and Hypotheses Development ................................................. 19 6. Research Methodology ...................................................................................................... 20 7. Empirical Results.............................................................................................................. 23 7.1 Preliminary analysis ..................................................................................................... 23 7.2 Regression Results ...................................................................................................... 25 8. Conclusion ....................................................................................................................... 34 References ........................................................................................................................... 36 Appendix ............................................................................................................................. 40
en
heal.advisorName
Syriopoulos, Theodoros
en
heal.committeeMemberName
Syriopoulos, Theodoros
en
heal.committeeMemberName
Tsekrekos
en
heal.committeeMemberName
Giamouridis
en
heal.academicPublisher
International Hellenic University
en
heal.academicPublisherID
ihu
heal.numberOfPages
54
heal.fullTextAvailability
true


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